WorksheetsPrinciples Red Textbook 1-1 & 1-2
Total questions: 20
Worksheet time: 11mins
step where you
consider all the alternatives
2. Identify the Choices
1. Define the Problem
4. Choose One
things that you can see and touch
(a)
people who produce
goods and services
Human Resources
Entrepreneur
Economic Resources
People Resources
step where you
write a list of
good/bad for each choice
Spongebob
3. Evaluate the Advantages/Disadvantages of each choice
6. Review Your Decision
4. Choose One
The process of choosing
which wants, among several options,
will be satisfied
Economic Decision-Making
Scarcity
Decision-Making Process
Trade-Off
Someone who takes a risk to open a new business or invent something
Ms. Mac
Scarcity
Entrepreneur
Goods
a six step process
to decide between options
Decision Making Process
Opportunity Cost
Scarcity
Economic Decision Making
The products and money used in the production of goods and services
Natural Resources
Scarcity
Economic Resources
Capital Resources
Activities that are consumed at the same time they are produced
(a)
not having enough resources
to satisfy every need
Trade-Off
Needs
Scarcity
The Basic Economic Problem
when you give up something to have something else
Economic Decision-Making
Opportunity Cost
Scarcity
Trade-Off
the value of the
next best alternative
that you didn't choose
Scarcity
Opportunity Cost
Economic Decision-Making
Trade-Off
step where you
clearly define the problem
1. Define the Problem
6. Review Your Decision
2. Identify the Choices
Unlimited Wants and Needs....
but limited resources
The Basic Economic Question
The Basic Economic Problem
Scarcity
Global Economic Problem
things required in order to live
(a)
step where you ask yourself things like "am I happy?" "would I make the same choice again?"
- Ask Questions
5. Act on Your Choice
6. Review Your Decision
4. Choose One
The means through which
goods and services are produced
Capital Resources
Natural Resources
Economic Resources
Human Resources
Raw materials supplied by nature
Scarcity
Economic Resources
Natural Resources
Capital Resources
